Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	Microsoft Corp.	100,953	$50.22M	7.4%	—	—	COM	594918104
PM	Philip Morris International	210,403	$38.32M	5.6%	—	—	COM	718172109
KR	Kroger Co.	352,107	$25.26M	3.7%	—	—	COM	501044101
—	UnitedHealth Group Inc.	64,552	$20.14M	3.0%	—	—	COM	91324p102
BK	Bank of New York Mellon Corp	215,419	$19.63M	2.9%	—	—	COM	064058100
—	Mastercard Inc.	34,104	$19.16M	2.8%	—	—	COM	57636q104
—	Alphabet, Inc Voting Class	89,773	$15.82M	2.3%	—	—	COM	02079k305
BAC	Bank of America Corp	319,814	$15.13M	2.2%	—	—	COM	060505104
ELV	Elevance Health Inc.	36,753	$14.3M	2.1%	—	—	COM	036752103
—	Visa, Inc.	39,883	$14.16M	2.1%	—	—	COM	92826c839
WMT	Wal Mart Stores	143,061	$13.99M	2.1%	—	—	COM	931142103
BKNG	Booking Holdings Inc.	2,139	$12.38M	1.8%	—	—	COM	09857L108
AFL	AFLAC Inc.	117,382	$12.38M	1.8%	—	—	COM	001055102
—	Medtronic PLC	140,586	$12.25M	1.8%	—	—	FOR	g5960L103
—	The Travelers Companies Inc.	43,175	$11.55M	1.7%	—	—	COM	89417e109
BRK/B	Berkshire Hathaway Inc. Class	23,307	$11.32M	1.7%	—	—	COM	084670702
JNJ	Johnson & Johnson	72,136	$11.02M	1.6%	—	—	COM	478160104
—	Meta Platforms, Inc.	14,590	$10.77M	1.6%	—	—	COM	30303m102
BTI	British American Tobacco	223,918	$10.6M	1.6%	—	—	FOR	110448107
PEP	Pepsico Inc.	79,840	$10.54M	1.5%	—	—	COM	713448108
AIG	American International Group	113,776	$9.738M	1.4%	—	—	COM	026874784
—	Merck & Co.Inc. New	119,011	$9.421M	1.4%	—	—	COM	58933y105
LOW	Lowes Companies	41,550	$9.219M	1.4%	—	—	COM	548661107
ABT	Abbott Laboratories	67,752	$9.215M	1.4%	—	—	COM	002824100
HD	Home Depot Inc.	24,677	$9.048M	1.3%	—	—	COM	437076102
—	Altria Group Inc.	150,089	$8.8M	1.3%	—	—	COM	02209s103
—	Costco Wholesale Corp	7,925	$7.845M	1.2%	—	—	COM	22160k105
—	Valero Energy Corp.	56,857	$7.643M	1.1%	—	—	COM	91913y100
MRSH	Marsh & McLennan Co.	33,764	$7.382M	1.1%	—	—	COM	571748102
CVS	CVS Health Corp.	102,568	$7.075M	1.0%	—	—	COM	126650100
—	Unilever PLC ADR	111,819	$6.84M	1.0%	—	—	FOR	904767704
GLW	Corning Inc	128,901	$6.779M	1.0%	—	—	COM	219350105
CI	The Cigna Group	19,804	$6.547M	1.0%	—	—	COM	125523100
KO	Coca-Cola Company	91,897	$6.502M	1.0%	—	—	COM	191216100
—	AbbVie, Inc.	32,816	$6.091M	0.9%	—	—	COM	00287y109
C	Citigroup Inc.	70,220	$5.977M	0.9%	—	—	COM	172967424
AAPL	Apple, Inc.	28,719	$5.892M	0.9%	—	—	COM	037833100
—	Zimmer Biomet Holdings	63,728	$5.813M	0.9%	—	—	COM	98956p102
PAYX	Paychex Inc.	39,302	$5.717M	0.8%	—	—	COM	704326107
LINC	Lincoln Educational	236,394	$5.449M	0.8%	—	—	COM	533535100
BP	BP p.l.c.	180,757	$5.41M	0.8%	—	—	FOR	055622104
—	Molson Coors Brewing Co	108,148	$5.201M	0.8%	—	—	COM	60871r209
—	RTX Corp.	34,945	$5.103M	0.7%	—	—	COM	75513e101
DGX	Quest Diagnostics Inc.	26,777	$4.81M	0.7%	—	—	COM	74834L100
—	Unum Group	57,564	$4.649M	0.7%	—	—	COM	91529y106
—	Monster Beverage Corp.	71,600	$4.485M	0.7%	—	—	COM	61174x109
CTVA	Corteva, Inc.	54,027	$4.027M	0.6%	—	—	COM	22052L104
WAFD	Washington Federal	130,913	$3.833M	0.6%	—	—	COM	938824109
—	Gates Industrial Corporation P	164,911	$3.798M	0.6%	—	—	COM	g39108108
CVX	Chevron Corp.	26,101	$3.737M	0.5%	—	—	COM	166764100
—	LyondellBasell Industries N.V.	64,524	$3.733M	0.5%	—	—	FOR	n53745100
—	DuPont de Nemours, Inc	47,158	$3.235M	0.5%	—	—	COM	26614n102
CSCO	Cisco Sys Inc.	44,600	$3.094M	0.5%	—	—	COM	17275R102
CTSH	Cognizant Technology Solutions	39,351	$3.071M	0.5%	—	—	COM	192446102
—	Comcast Corp Cl A	84,656	$3.021M	0.4%	—	—	COM	20030n101
PG	Procter & Gamble Co.	18,930	$3.016M	0.4%	—	—	COM	742718109
MCD	McDonalds Corp	10,234	$2.99M	0.4%	—	—	COM	580135101
BA	Boeing Company	14,201	$2.976M	0.4%	—	—	COM	097023105
BDX	Becton Dickinson & Co	16,664	$2.87M	0.4%	—	—	COM	075887109
—	Trane Technologies PLC	6,545	$2.863M	0.4%	—	—	FOR	g8994e103
ORCL	Oracle Corp	12,460	$2.724M	0.4%	—	—	COM	68389X105
—	Grand Canyon Education, Inc.	14,410	$2.723M	0.4%	—	—	COM	38526m106
—	Ameriprise Financial Inc.	5,081	$2.712M	0.4%	—	—	COM	03076c106
—	Arcos Dorados Hldgs.	330,375	$2.607M	0.4%	—	—	FOR	g0457f107
—	ConocoPhillips	28,591	$2.566M	0.4%	—	—	COM	20825c104
AMGN	Amgen Inc.	9,110	$2.544M	0.4%	—	—	COM	031162100
HRB	H&R Block Inc.	46,259	$2.539M	0.4%	—	—	COM	093671105
WFC	Wells Fargo & Co.	31,627	$2.534M	0.4%	—	—	COM	949746101
—	Keurig Dr. Pepper Inc.	72,163	$2.386M	0.4%	—	—	COM	49271v100
CPF	Central Pacific Financial Corp	84,845	$2.378M	0.3%	—	—	COM	154760409
MDLZ	Mondelez International, Inc.	33,724	$2.274M	0.3%	—	—	COM	609207105
AXP	American Express Co.	7,093	$2.263M	0.3%	—	—	COM	025816109
HSY	Hershey Company	13,560	$2.25M	0.3%	—	—	COM	427866108
—	DR Horton, Inc	17,200	$2.217M	0.3%	—	—	COM	23331a109
—	The Mosaic Company	60,150	$2.194M	0.3%	—	—	COM	61945c103
ADP	Automatic Data Processing	6,616	$2.04M	0.3%	—	—	COM	053015103
PSX	Phillips 66	17,003	$2.028M	0.3%	—	—	COM	718546104
UNP	Union Pacific Corp	8,660	$1.992M	0.3%	—	—	COM	907818108
FDX	Fedex Corp	8,721	$1.982M	0.3%	—	—	COM	31428X106
AMZN	Amazon.com, Inc.	8,575	$1.881M	0.3%	—	—	COM	023135106
DIS	The Walt Disney Co.	14,443	$1.791M	0.3%	—	—	COM	254687106
YUM	Yum! Brands, Inc.	10,845	$1.607M	0.2%	—	—	COM	988498101
UPS	United Parcel Service Inc.	15,895	$1.604M	0.2%	—	—	COM	911312106
PFE	Pfizer Inc.	65,339	$1.584M	0.2%	—	—	COM	717081103
PH	Parker-Hannifin Corp.	2,227	$1.555M	0.2%	—	—	COM	701094104
—	General Motors Company	31,367	$1.544M	0.2%	—	—	COM	37045v100
CAE	CAE Inc.	51,830	$1.517M	0.2%	—	—	FOR	124765108
CE	Celanese Corp	27,400	$1.516M	0.2%	—	—	COM	150870103
DOW	Dow Inc.	54,024	$1.431M	0.2%	—	—	COM	260557103
—	AON Plc	3,967	$1.415M	0.2%	—	—	FOR	g0403h108
XOM	Exxon Mobil Corp	12,885	$1.389M	0.2%	—	—	COM	30231G102
—	America Movil ADR	76,465	$1.372M	0.2%	—	—	FOR	02390a101
VZ	Verizon Communications	31,473	$1.362M	0.2%	—	—	COM	92343V104
—	Biogen Inc.	10,232	$1.285M	0.2%	—	—	COM	09062x103
BEN	Franklin Resources Inc.	53,527	$1.277M	0.2%	—	—	COM	354613101
TSM	Taiwan Semiconductor Manufactu	5,587	$1.265M	0.2%	—	—	FOR	874039100
CAT	Caterpillar Inc.	3,230	$1.254M	0.2%	—	—	COM	149123101
—	Alphabet, Inc Non-Voting Class	6,904	$1.225M	0.2%	—	—	COM	02079k107
—	Diageo PLC ADR	12,087	$1.219M	0.2%	—	—	FOR	25243q205
—	FirstService Corp Voting Share	6,873	$1.2M	0.2%	—	—	FOR	33767e202
SHEL	Shell PLC	16,151	$1.137M	0.2%	—	—	FOR	780259305
SBUX	Starbucks Corp	12,334	$1.13M	0.2%	—	—	COM	855244109
GSK	Glaxo SmithKline ADS	28,542	$1.096M	0.2%	—	—	FOR	37733W204
BMY	Bristol Myers Squibb Co.	23,610	$1.093M	0.2%	—	—	COM	110122108
—	Alibaba Group Holding Limited	9,399	$1.066M	0.2%	—	—	FOR	01609w102
GILD	Gilead Sciences Inc.	9,153	$1.015M	0.1%	—	—	COM	375558103
—	Arch Capital Group Ltd	11,030	$1.004M	0.1%	—	—	FOR	g0450a105
NKE	Nike Inc Class B	14,051	$998K	0.1%	—	—	COM	654106103
CIGI	Colliers International Group	7,160	$935K	0.1%	—	—	FOR	194693107
GPC	Genuine Parts Co	7,340	$890K	0.1%	—	—	COM	372460105
WBD	Warner Bros. Discovery, Inc.	73,297	$840K	0.1%	—	—	COM	934423104
TELFY	Telefonica S.A. ADR	157,394	$823K	0.1%	—	—	FOR	879382208
—	Sally Beauty Holdings Inc.	88,417	$819K	0.1%	—	—	COM	79546e104
KLAC	KLA Corporation	835	$748K	0.1%	—	—	COM	482480100
—	FTAI Aviation Ltd.	6,000	$690K	0.1%	—	—	COM	G3730v105
SCHW	Charles Schwab Corp	6,850	$625K	0.1%	—	—	COM	808513105
—	AT & T, Inc. New	21,016	$608K	0.1%	—	—	COM	00206r102
LMT	Lockheed Martin Corp	1,283	$594K	0.1%	—	—	COM	539830109
USB	US Bancorp Delaware New	13,009	$589K	0.1%	—	—	COM	902973304
TPR	Tapestry Inc.	6,190	$544K	0.1%	—	—	COM	876030107
—	ASML Holding N.V.	668	$535K	0.1%	—	—	FOR	n07059210
GE	GE Aerospace	2,053	$528K	0.1%	—	—	COM	369604301
—	Allegion PLC	3,566	$514K	0.1%	—	—	FOR	g0176j109
—	Kenvue Inc.	24,228	$507K	0.1%	—	—	COM	49177j102
INTC	Intel Corp.	22,507	$504K	0.1%	—	—	COM	458140100
—	Ingersoll Rand Inc.	5,955	$495K	0.1%	—	—	COM	45687v106
QCOM	Qualcomm Inc	3,032	$483K	0.1%	—	—	COM	747525103
LLY	Eli Lilly & Co	614	$479K	0.1%	—	—	COM	532457108
CAG	ConAgra Foods Inc.	22,301	$457K	0.1%	—	—	COM	205887102
—	Alimentation Couche Tard Inc.	8,850	$439K	0.1%	—	—	FOR	01626p148
—	Yum China Holdings, Inc.	9,743	$436K	0.1%	—	—	FOR	98850p109
—	Nvidia Corp	2,665	$421K	0.1%	—	—	COM	67066g104
—	Johnson Controls Intl. PLC	3,922	$414K	0.1%	—	—	FOR	g51502105
HLN	Haleon PLC	38,449	$399K	0.1%	—	—	FOR	405552100
ALK	Alaska Air Group Inc.	8,005	$396K	0.1%	—	—	COM	011659109
WM	Waste Management Inc. Del	1,607	$368K	0.1%	—	—	COM	94106L109
AGCO	AGCO Corp	3,376	$348K	0.1%	—	—	COM	001084102
—	Alkermes PLC	11,641	$333K	0.0%	—	—	FOR	g01767105
—	Organon & Co.	34,343	$332K	0.0%	—	—	COM	68622v106
—	J P Morgan Chase & Co.	1,115	$323K	0.0%	—	—	COM	46625h100
DAL	Delta Airlines - New	6,125	$301K	0.0%	—	—	COM	247361702
GEV	GE Vernova Inc.	569	$301K	0.0%	—	—	COM	36828A101
SYK	Stryker Corporation	755	$299K	0.0%	—	—	COM	863667101
GD	General Dynamics	952	$278K	0.0%	—	—	COM	369550108
ITW	Illinois Tool Works Inc.	1,119	$277K	0.0%	—	—	COM	452308109
—	Domino's Pizza Inc.	600	$270K	0.0%	—	—	COM	25754a201
HPQ	HP Inc.	10,902	$267K	0.0%	—	—	COM	40434L105
EFX	Equifax Inc.	1,000	$259K	0.0%	—	—	COM	294429105
—	3M Company	1,679	$256K	0.0%	—	—	COM	88579y101
OXY	Occidental Petroleum Corp	6,067	$255K	0.0%	—	—	COM	674599105
FORR	Forrester Research Inc.	25,726	$255K	0.0%	—	—	COM	346563109
WY	Weyerhaeuser Co.	9,890	$254K	0.0%	—	—	COM	962166104
LH	Labcorp Holdings Inc.	950	$249K	0.0%	—	—	COM	504922105
ADBE	Adobe Systems Inc	644	$249K	0.0%	—	—	COM	00724F101
IFF	International Flavors & Fragra	3,375	$248K	0.0%	—	—	COM	459506101
—	Hewlett Packard Enterprise Co.	12,101	$247K	0.0%	—	—	COM	42824c109
CSX	CSX Corp	7,566	$247K	0.0%	—	—	COM	126408103
NFLX	Netflix Inc.	180	$241K	0.0%	—	—	COM	64110L106
TM	Toyota Motor Corp ADR	1,374	$237K	0.0%	—	—	FOR	892331307
NUE	Nucor Corp	1,814	$235K	0.0%	—	—	COM	670346105
AMAT	Applied Materials Inc Delaware	1,283	$235K	0.0%	—	—	COM	038222105
—	Devon Energy Corp.	7,350	$234K	0.0%	—	—	COM	25179m103
DE	Deere & Co	450	$229K	0.0%	—	—	COM	244199105
—	Ferguson Enterprises	1,050	$229K	0.0%	—	—	COM	31488v107
—	Tenet Healthcare Corp.	1,250	$220K	0.0%	—	—	COM	88033g100
—	Enbridge Inc.	4,764	$216K	0.0%	—	—	FOR	29250n105
SPGI	S&P Global Inc.	397	$209K	0.0%	—	—	COM	78409V104
DLR	Digital Realty Trust	1,193	$208K	0.0%	—	—	COM	253868103
XMIOX	Pioneer Municipal High Income	17,208	$203K	0.0%	—	—	COM	723760104
—	Paramount Global B	15,675	$202K	0.0%	—	—	COM	92556h206
WU	Western Union Company	17,532	$148K	0.0%	—	—	COM	959802109
—	Rithm Capital Corp. REIT	11,000	$124K	0.0%	—	—	COM	64828t201
NOK	Nokia Corp Sponsored ADR	10,557	$54,685	0.0%	—	—	FOR	654902204